Word: bedford
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Dates: during 1930-1939
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Frederick Thomas Bedford, 50, last week mourned the death of his father, Edward Thomas Bedford, 82. Between them there was deep family affection. Between them there was also the friendship which arises from long competition between men. For the late E. T. Bedford was president of Corn Products Refining Co. and his son was president of its smaller but potent rival, Penick & Ford...
...late Mr. Bedford lived in Westport, Conn., commuted five days a week to his Manhattan office. He had white chop whiskers like the late George F. Baker's, a fondness for gardens and horses (especially trotters which he still drove at 80), an antipathy to tobacco and liquor. In business he was stern, having received late training (after 40) in the hard school that was old Standard Oil. Rockefeller, Pratt, Archbold and Rogers were among his teachers in that school...
...Bedford wished to find some business for his son Frederick. The son saw a future in the corn products business and Mr. Bedford agreed. In 1901 New York Glucose Co. was formed. Mr. Bedford became its president, without salary. His son was made treasurer and given the reins. Bitter competition arose from Corn Products Co. ("The Glucose Trust"). The elder Bedford became more & more active. In 1906 Corn Products, its earnings vanishing, pleaded for mercy. It was granted in the form of a merger. Mr. Bedford abandoned his oil interests in order to head the new Corn Products Refining...
...Government sued Corn Products Refining and the company discreetly sold its interest in Penick & Ford back to the original owners, who sold what amounted to one-third of the company to Frederick Thomas Bedford, who thereupon left the paternal fold to strike out for himself. Ten years younger than Messrs. Penick & Ford, Son Bedford assumed large duties. In 1927 he was made president of the company. Although Penick & Ford was almost wrecked by the depression of 1921, 1930 saw its profits at $1,811,348 against 1929's $1,882,441. It is the country's third largest...
...total assets come to $127,393,000 against Penick & Ford's $14,097,000. Some 9,000 people own its common stock. Corn Product's best known brands include Argo starch, Mazola oil, Karo syrup, Linit starch, Cerelose sugar, Kremel pudding powder. Since Father Bedford was believed to be one of its largest shareholders, Son Bedford may find himself in the strange position of having a more valuable investment in Corn Products than in his own company...